Asian Mineral Resources Limited
TSX VENTURE : ASN

Asian Mineral Resources Limited

November 29, 2006 14:42 ET

Asian Mineral Resources Limited Completes CDN $4.8 Million Private Placement

TORONTO, ONTARIO--(CCNMatthews - Nov. 29, 2006) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Asian Mineral Resources Limited ("ASN" or the "Company") (TSX VENTURE:ASN) announced today that it has completed a private placement of 6,372,500 common shares $0.75 a share for proceeds of $4.8 million. The buyers included Cambrian Mining plc (1,300 common shares) and certain Dragon Capital Funds (4,572,500 common shares). The shares are subject to a four month hold period which expires on March 30, 2007.

The proceeds of the placement will be used for expenditures on the Company's Ban Phuc Nickel Project in northern Vietnam and for general working capital purposes.

Mr. Robert Thomson, President and CEO, commented:

We are very pleased that substantial shareholders are continuing to support us as we move closer to being granted a mining license for Ban Phuc, which will enable us to proceed with the development of the Ban Phuc Project.

Company Profile

Asian Mineral Resources Limited is currently engaged in the exploration and development of the Vietnamese located Ban Phuc nickel sulfide project in which it currently has a 90% interest. The Project is part of a granted Foreign Investment License covering 150 square kilometers of highly prospective ultramafic hosted nickel occurrences.

For further details on the Company and its projects please refer to the website at www.asianminres.com.

Forward-Looking Statements:

This press release includes certain "Forward-Looking Statements." All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of Asian Mineral Resources Limited are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Asian Mineral Resources Limited's expectations are disclosed under the heading "Risk Factors" and elsewhere in Asian Mineral Resources Limited documents filed from time-to-time with the TSX Venture Exchange and other regulatory authorities.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information